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MNI: FRANCE NOV FINAL MANUF PMI 43.1 (FLASH 43.2); OCT 44.5

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Spot USD/CNH Rallies

CNH

Offshore yuan weaker on the day, USD/CNH last up 135 pips at 6.4387, an impressive rally from lows of 6.4009 yesterday. Resistance at 6.44 is likely to be key, the level was challenged and rejected on February 12.

  • Chinese markets and the PBOC will return tomorrow, market participants may be trying to gauge sentiment of the central bank. Prior to LNY the PBOC had an implied preference for a weaker yuan, as was evident in the asymmetric response function of the fix.
  • The government has also enacted measures designed to encourage capital outflows and slow inflows from Chinese companies.
  • The yuan could also be hurt by nascent signs of renewed tensions with the US, there were reports yesterday that China was exploring whether it can hurt US defence contractors by limiting supplies of rare-earth minerals that are critical to the industry. Elsewhere China reportedly made incursions into Taiwanese airspace and Japanese waters. US President Biden said on Tuesday that China will pay a price for its human rights abuses.
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